If you’re looking for a savings account that offers bonus interest rates and cash rewards, the OCBC 360 Account might be the perfect fit for you. This savings account is designed to help you maximise your savings and earn higher interest rates, and it comes with a range of additional perks and features that make it one of the best savings accounts in Singapore.
One of the most attractive features of the OCBC 360 Account is the 360 Save Bonus, which allows you to earn up to S$108 cash reward when you open an account and credit your salary within 2 months. This promotion ends on 29 February 2024, so it’s a great time to take advantage of this offer. Additionally, you can earn bonus interest rates when you credit your salary through GIRO/PayNow, save and increase your account balance, and more.
To help you understand the 360 Account and how it can benefit you, we’ve put together this comprehensive guide. In this article, we’ll cover everything from the basics of the 360 Account to how you can maximise your savings and take advantage of the additional perks and features. We’ll also answer some frequently asked questions to help you manage your account and safeguard your savings.
Key Takeaways
- The OCBC 360 Account offers bonus interest rates and cash rewards, including the 360 Save Bonus.
- You can earn bonus interest rates by crediting your salary and increasing your account balance.
- The 360 Account comes with a range of additional perks and features, and we’ve put together a comprehensive guide to help you maximise your savings and manage your account.
Understanding the 360 Account
If you are looking for a savings account that offers both base interest and bonus interest, the OCBC 360 account is a great option. This account is designed to help you grow your savings by offering bonus interest on top of the base interest.
Eligibility and Opening an Account
To be eligible for the OCBC 360 account, you must be a Singaporean, Singapore PR, or foreigner with a valid NRIC, passport, employment pass, S-pass or student pass. You can open an account with an initial deposit of $1,000.
Base Interest and Bonus Interest
The OCBC 360 account offers a base interest rate of 0.05% per annum on your entire account balance. On top of that, you can earn bonus interest by doing any of the following:
- Credit your salary through GIRO/PayNow via GIRO
- Save and increase your account balance
- Charge at least $500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card
- Insure with OCBC
- Invest with OCBC
The maximum yearly contribution for Singaporeans and Singapore PRs is $15,300, while foreigners can contribute up to $35,700. You can reduce your taxable income by the same amount contributed to your SRS account.
By meeting the requirements in each of the different pillars, you can earn bonus interest of up to 7.65% per annum on the first $100,000 account balance. This means that you can earn up to $7,650 in bonus interest per year.
In conclusion, the OCBC 360 account is a great option for anyone looking to grow their savings. With base interest and bonus interest, this account offers a great way to earn more on your savings. By meeting the requirements in each of the different pillars, you can earn even more bonus interest and reach your savings goals faster.
Maximising Your Savings
If you’re looking to maximise your savings, the 360 Save Bonus account from OCBC Singapore is a great option to consider. With a combination of salary crediting, credit card spend, insurance, and investment bonuses, you can earn higher interest on your savings and make your money work harder for you.
Salary Crediting and GIRO Transactions
One of the easiest ways to earn bonus interest on your 360 Save Bonus account is by crediting your salary through GIRO or PayNow via GIRO. By doing so, you can earn up to $108 cash reward when you open the account and credit your salary within 2 months. This is a great way to start earning extra interest on your savings without having to do much work.
Credit Card Spend and Loan Services
Another way to earn bonus interest is by charging at least $500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT, or OCBC Rewards Card. This is a good option for those who use their credit cards frequently and want to earn extra interest on their savings. Additionally, OCBC offers loan services that can help you earn higher interest rates on your savings. By taking out a loan with OCBC, you can earn up to 1.2% p.a. bonus interest on your 360 Save Bonus account.
Insurance and Investment Bonuses
OCBC also offers insurance and investment bonuses that can help you earn higher interest rates on your savings. By insuring with OCBC or investing with them, you can earn up to 1.2% p.a. bonus interest on your 360 Save Bonus account. This is a good option for those who are looking to protect their assets or grow their wealth over time.
Overall, the 360 Save Bonus account from OCBC Singapore is a great option for those who want to maximise their savings and earn higher interest rates. By taking advantage of the various bonuses offered by OCBC, you can make your money work harder for you and achieve your financial goals faster.
Additional Perks and Features
As an OCBC 360 Account holder, you can access a range of additional perks and features that make banking with OCBC even more rewarding. Here are some of the most exciting benefits that come with your 360 Account:
OCBC Online and Mobile Banking
With OCBC Online and Mobile Banking, you can manage your finances from anywhere, at any time. You can view your account balances, transfer funds, pay bills, and even set up savings goals with ease. OCBC’s mobile app is user-friendly and intuitive, making it easy to stay on top of your finances while on the go.
Exclusive Rewards and Cashback
As an OCBC 360 Account holder, you can enjoy exclusive rewards and cashback when you use your OCBC Credit Cards. With OCBC 365, you can earn up to 6% cashback on dining, online shopping, and groceries. If you’re an adventure seeker, you can apply for OCBC 90°N, which offers exclusive travel privileges and cashback on travel-related expenses.
In addition to these credit card rewards, you can also earn cashback on your insurance premiums when you purchase eligible insurance products from OCBC. Plus, with OCBC Money Lock, you can earn higher interest rates on your savings by locking them in for a fixed period.
Overall, the additional perks and features that come with your OCBC 360 Account make it a great choice for anyone looking to get more out of their banking experience. Whether you’re looking for exclusive rewards, cashback, or simply a better way to manage your finances, the OCBC 360 Account has you covered.
Managing Your Account
As a 360 Account holder with OCBC Singapore, it’s important to understand the fees and charges associated with your account. By doing so, you can avoid unnecessary costs and maximise your savings.
Understanding Fees and Charges
To avoid fall-below fees, it’s important to maintain the minimum average daily balance of $3,000 in your account. If your account balance falls below this amount, you will be charged a fee of $10 per month.
In addition, there are other fees and charges that you may encounter. For example, if you withdraw cash from an ATM overseas, you will be charged a fee of $5 per transaction. If you issue a cheque that bounces, you will be charged a fee of $50.
Statements and Important Notices
To stay on top of your account, you will receive monthly statements detailing your transactions and account balance. You can choose to receive these statements via post or e-mail.
If you opt for e-statements, you will receive them faster and they are more environmentally friendly. You can also access your statements online via internet banking.
It’s important to read these statements carefully and check for any errors or unauthorised transactions. If you notice anything suspicious, contact OCBC immediately.
Finally, it’s important to read any important notices that OCBC sends you. These notices may contain important information about changes to your account or new products and services. By staying informed, you can make the most of your 360 Account and avoid any surprises.
Safeguarding Your Savings
When it comes to saving money, it’s important to ensure that your hard-earned cash is protected. Thankfully, the OCBC 360 Account provides a range of safeguards to keep your money secure.
Deposit Insurance Scheme
The Singapore Deposit Insurance Corporation (SDIC) provides deposit insurance to protect depositors in the event of a bank failure. The SDIC insures up to $75,000 per depositor per bank. This means that your deposits in the OCBC 360 Account are insured up to $75,000.
Policy Owners’ Protection Scheme
In addition to the Deposit Insurance Scheme, the Policy Owners’ Protection Scheme (PPF) provides protection to policyholders in the event of an insurer’s insolvency. The PPF provides coverage for up to $500,000 per life assured per insurer. This means that if you have an insurance policy with OCBC, your policy is protected by the PPF.
Non-Bank Depositors
While the Deposit Insurance Scheme and the Policy Owners’ Protection Scheme provide protection for deposits and insurance policies, they do not cover non-bank deposits such as investments. It’s important to note that investments are subject to market risks and there is no guarantee of returns. Therefore, it’s important to do your own research and seek professional advice before making any investment decisions.
Overall, the OCBC 360 Account provides a range of safeguards to keep your money secure. With deposit insurance from the SDIC and policy protection from the PPF, you can rest assured that your savings are protected. However, it’s important to remember that investments are subject to market risks and there is no guarantee of returns.
Frequently Asked Questions
How can you maximise your earnings with the OCBC 360 account?
If you’re looking to maximise your earnings with the OCBC 360 account, there are a few things you can do. You can credit your salary through GIRO/PayNow via GIRO, save and increase your account balance, charge at least $500 to your OCBC 365, OCBC 90°N, OCBC INFINITY, OCBC NXT or OCBC Rewards Card, insure with OCBC, and invest with OCBC.
What steps are needed to qualify for the OCBC 360 salary bonus?
To qualify for the OCBC 360 salary bonus, you need to credit your salary through GIRO/PayNow via GIRO. The bonus interest rate is tiered, so the more you credit, the higher the bonus interest rate you can earn.
In what ways does the OCBC 360 differ from the Bonus Saver account?
The OCBC 360 account and Bonus Saver account are both deposit accounts that offer bonus interest rates. However, the OCBC 360 account offers bonus interest rates for a wider range of activities, including salary crediting, saving, spending, insuring, and investing. The Bonus Saver account, on the other hand, only offers bonus interest rates for saving and maintaining a minimum balance.
What are the latest cash rewards offered by OCBC 360?
The latest cash rewards offered by OCBC 360 include a $50 cash reward for new account sign-ups and a $20 cash reward for referring a friend to open an account. These rewards are subject to terms and conditions, so be sure to check the OCBC website for the latest information.
How can one calculate the interest earned from the OCBC 360 Save bonus?
To calculate the interest earned from the OCBC 360 Save bonus, you can use the following formula: (Average Daily Balance x Interest Rate x Number of Days in Month) / 365. The interest rate for the Save bonus is tiered, so the more you save, the higher the interest rate you can earn.
What must I do to be eligible for the OCBC investment bonus?
To be eligible for the OCBC investment bonus, you need to invest in any eligible investment product with a minimum amount of $30,000. The bonus interest rate is tiered, so the more you invest, the higher the bonus interest rate you can earn. Be sure to check the OCBC website for the latest information on eligible investment products.